Contemporary Accounting Research, VOL33 ，NO. 1，2016

作者：J. B. Kim (University of Waterloo), L. Zhang (City University of Hong Kong)

摘要：通过使用1964 – 2007年美国公司的大量样本，我们发现条件稳健性与更低的公司未来的股票价格暴跌可能性具有一定联系。这一发现适用于采用多种不同方法测定条件稳健性和崩盘风险的情况，另外，在控制了其他已知的崩盘风险决定因素和公司固定效应后，结果仍是稳健的。此外，我们发现，对于具有较高的信息不对称的公司，稳健性和暴跌风险之间的关系更为显著。总的来说，我们的研究结果可以概括为：条件稳健性限制了经理人对投资者夸大业绩和隐瞒坏消息的动机和能力，这反过来降低了股票价格暴跌的风险。

关键词：条件稳健性；不对称及时性；收益率分布；坏消息囤积；极端事件

Accounting Conservatism and Stock Price Crash Risk: Firm-level Evidence

J. B. Kim (University of Waterloo), L. Zhang (City University of Hong Kong)

ABSTRACT

Using a large sample of U.S. firms during 1964–2007, we find that conditional conservatism is associated with a lower likelihood of a firm's future stock price crashes. This finding holds for multiple measures of conditional conservatism and crash risk and is robust to controlling for other known determinants of crash risk and firm fixed effects. Moreover, we find that the relation between conservatism and crash risk is more pronounced for firms with higher information asymmetry. Overall, our results are consistent with the notion that conditional conservatism limits managers’ incentive and ability to overstate performance and hide bad news from investors, which, in turn, reduces stock price crash risk.

Keywords: conditional conservatism; asymmetric timeliness; return distribution; bad news hoarding; extreme events

原文链接：

http://xueshu.baidu.com/s?wd=paperuri%3A%28984c50d4eb15c6bd990e30406c26c90e%29&filter=sc_long_sign&tn=SE_xueshusource_2kduw22v&sc_vurl=http%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2411369&ie=utf-8&sc_us=12952326814837003132

翻译：黄涛